Narrow search
Showing 1 - 10 of 11,541
Cover Image
Identifying the interdependence between US monetary policy and the stock market
Bjørnland, Hilde C.; Leitemo, Kai - 2005
-run and long-run restrictions that maintains the qualitative properties of a monetary policy shock found in the established … fall by 1.5 percent due to a monetary policy shock that raises the federal funds rate by ten basis points. A stock price … shock increasing stock prices by one percent leads to an increase in the interest rate of five basis points. Stock price …
Persistent link: https://www.econbiz.de/10010284471
Cover Image
Inflation Targeting in Colombia, 2002-2012
Urrutia, Miguel; Hofstetter Gascón, Marcel; Hamann S., … - 2014
After decades using monetary aggregates as the main instrument of monetary policy and having different varieties of crawling peg exchange rate regimes, Colombia adopted a full-fledged inflation-targeting (IT) regime in 1999, with inflation as the nominal anchor, a floating exchange rate, and the...
Persistent link: https://www.econbiz.de/10011314133
Cover Image
Designing QE in a fiscally sound monetary union
Bletzinger, Tilman; von Thadden, Leopold - 2018
This paper develops a tractable model of a monetary union with a sound fiscal governance structure and shows how in such environment the design of monetary policy above and at the lower bound constraint on short-term interest rates can be linked to well-known findings from the literature dealing...
Persistent link: https://www.econbiz.de/10011916860
Cover Image
The power of helicopter money revisited: A new Keynesian perspective
Carter, Thomas J.; Mendes, Rhys R. - 2020
We analyze money financing of fiscal transfers (helicopter money) in two simple New Keynesian models: a "textbook" model in which all money is non-interest-bearing (e.g., all money is currency), and a more realistic model with interest-bearing reserves. In the textbook model with only...
Persistent link: https://www.econbiz.de/10012388833
Cover Image
Did the crisis change it all? Evidence from monetary and fiscal policy
Mitreska, Ana; Vojnovic, Maja Kadievska; Georgievska, Ljupka - 2010
The recent financial and economic crisis has triggered bold and diverse policy responses to prevent further, sharper and prolonged adverse effects to the financial and the real sector. The measures for alleviating the cycle were a feature both of the advanced and the emerging and developing...
Persistent link: https://www.econbiz.de/10011785345
Cover Image
Identifying the Interdependence Between Us Monetary Policy and the Stock Market
Bjørnland, Hilde C.; Leitemo, Kai - 2008
-run and long-run restrictions that maintains the qualitative properties of a monetary policy shock found in the established … stock prices immediately fall by 7-9 percent due to a monetary policy shock that raises the federal funds rate by 100 basis … points. A stock price shock increasing real stock prices by one percent leads to an increase in the interest rate of close to …
Persistent link: https://www.econbiz.de/10012143684
Cover Image
Identifying the interdependence between US monetary policy and the stock market
Bjørnland, Hilde C.; Leitemo, Kai - 2005
-run and long-run restrictions that maintains the qualitative properties of a monetary policy shock found in the established … by 1.5 per cent due to a monetary policy shock that raises the federal funds rate by ten basis points.A stock price shock …
Persistent link: https://www.econbiz.de/10012147946
Cover Image
Communication and decision-making by central bank committees: different strategies, same effectiveness?
Ehrmann, Michael; Fratzscher, Marcel - 2005
The paper assesses the communication strategies of the Federal Reserve, the Bank of England and the European Central Bank and their effectiveness. We find that the effectiveness of communication is not independent from the decisionmaking process in the committee. The paper shows that the Federal...
Persistent link: https://www.econbiz.de/10011604534
Cover Image
How should central banks communicate?
Ehrmann, Michael; Fratzscher, Marcel - 2005
The paper shows that central bank communication is a key determinant of the market’s ability to anticipate monetary policy decisions and the future path of interest rates. Comparing communication policies by the Federal Reserve, the Bank of England and the ECB since 1999, we find that...
Persistent link: https://www.econbiz.de/10011604603
Cover Image
The timing of central bank communication
Ehrmann, Michael; Fratzscher, Marcel - 2005
This paper explores whether there are systematic patterns as to when members of the decision-making committees of the Federal Reserve, the Bank of England and the European Central Bank communicate with the public, and under what circumstances such communication has the ability to move financial...
Persistent link: https://www.econbiz.de/10011604611